Pie Insurance coverage, an insurtech specializing in staff compensation insurance coverage for small companies, stated it raised a $315 million Collection D spherical of funding – the most important spherical of financing for any U.S. based mostly P&C insurtech firm in 2022.
The fundraise greater than doubled Pie’s whole capital raised to over $615 million. The spherical was led by Centerbridge Companions and Allianz X, the digital investments arm of Allianz Group. White Mountains Insurance coverage Group additionally joined as a brand new investor, and former traders Gallatin Level Capital, Greycroft, Acrew Capital and others additionally participated within the spherical.
“It’s no secret that growth-stage startups, and particularly insurtechs, are dealing with a difficult fundraising atmosphere, stated John Swigart, co-founder and CEO of Pie. “Nonetheless, Pie’s capacity to develop quickly whereas nonetheless specializing in delivering robust unit economics and sustainable loss ratios, is proving to be a key differentiator.
Pie just lately introduced it greater than doubled its gross written premium, and doubled its variety of policyholders and companions. As well as, Pie expanded its protection space into two new states, growing its whole staff comp protection footprint to 89% of small companies within the U.S., the corporate stated.
“Pie is disrupting the extremely fragmented small enterprise industrial insurance coverage market by means of our proprietary expertise which extra precisely costs and underwrites insurance coverage dangers,” Swigart added. “We consider the insurtech 2.0 part of this industry-wide transformation will probably be constructed by firms like Pie that leverage their expertise to ‘do the insurance coverage higher’ and ship superior conventional insurance coverage metrics together with a pleasant buyer expertise.”
Pie stated it’s going to use the funds to help its development initiatives that immediately affect its small enterprise clients, together with increasing into new strains of enterprise, absolutely transitioning to a full-stack provider, additional innovating upon its superior proprietary pricing algorithms, and delivering world-class consumer and product experiences on to small companies and the associate brokers who serve them.
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